Dubai Tops list for Best Luxury Real Estate Market for 2023

Wealthy investors betting on luxury real estate would do best by putting their money in Dubai next year, according to a new report published by Bloomberg.

In a ranking 25 of the world’s top luxury, or “prime,” real estate markets, Dubai topped the list, with prices expected to increase 13.5% in 2023.

Dubai saw prices soar by 50% in 2022, so the price increases for 2023 mark a substantial slowdown. Dubai has seen a surge in wealthy residents over the past year, driven largely by Russians looking for a safe harbor for their wealth, yachts and real estate amidst Western sanctions over the war in Ukraine.

Prices for Dubai single family homes rose 13% in October, while overall sales volume jumped 73% over the previous year.

Cash will be king across the property market, as buyers are expected to willing pay all-cash attractive to sellers. Political and economic volatility in many countries will also lead to a flight to safety in real estate, “pushing buyers to mature and transparent luxury markets.”